CEO Jeffrey Witherell says REIT focused on multi-tenant properties with staggered leases.
Jeffrey Witherell, CEO of Plymouth Industrial REIT, Inc. (NYSE American: PLYM), joined Nareit in New York for a video interview at REITweek: 2019 Investor Conference.
Plymouth recently raised about $56 million through the sale of common stock. Witherell said Plymouth used the proceeds to pay down its credit facility and will use the balance to purchase additional assets.
Witherell also commented on the company’s focus on investing in class-B assets in secondary markets, which he said offer “significant cash flow.” He added that the REIT seeks out multi-tenant properties with staggered leases. “We think there’s a lot of opportunity there and if you look at the rewards you get for the perceived risk, we think it’s working out really well for us.”
Meanwhile, Witherell said its tenants continue to favor locations where they can attract skilled workers.
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